Nscale's updated IPO filing shows $5.5 billion of debt and a $1.7 billion nine-month loss

Nscale has filed an amended registration statement for its US initial public offering with preliminary results for the first nine months of 2026. The filing estimates revenue of $307.5 million for the period, up from $21.3 million a year earlier, an operating loss of $837.5 million and a net loss of $1.69 billion.

As of September 30, Nscale estimates total debt of $5.52 billion, compared with $78.9 million at the end of 2025, and cash and cash equivalents of $3.58 billion. The company says it has raised more than $13.4 billion in equity and debt capital, including $6.7 billion in equity, more than $5.7 billion in project level financings for data centres and AI infrastructure, and a $900 million revolving credit facility.

The filing also describes a lease guarantee from NVIDIA. For a facility in Ward County, Texas, NVIDIA agreed to guarantee Nscale's payments for the first five years of the lease up to $860.3 million, receiving warrants for up to 9,476,700 Series B preferred shares in return. Nscale holds $470 million in an escrow fund as recourse for NVIDIA under the guarantee.

The amendment still leaves the price range blank. Nscale first filed for its IPO in September and has faced investor pushback over its valuation.